What if Bitcoin was centralized? - page 3.

GregH37

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Quote from: GoodLuck2 on January 07, 2018, 02:35:04 PM

Quote from: Asuspawer09 on January 01, 2018, 08:47:08 PM

Quote from: jumpercrypto on September 20, 2017, 10:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

I think even now it being centralized but not by a single person or any private holders. If this could happen, then there would be a massive change and a big impact to the whole economy of bitcoin. The value of it could have boundaries. They could imploy not to take a huge amount of it. But for somehow they could simply protect it and lengthen the possibility of losing bitcoin. Then, making bitcoi centralized could give a disadvantage and somehow advantage on it.

Everyone knows that bitcoin is decentralized and still it’s very going fast and now its unstoppable the way it’s going forward and going to achieve its goals and targets so it must be appreciated because bitcoin is the only currency which is decentralized but still it’s become very popular and strong in market and day by day countries are going to make it legal so if it became centralized so I think bitcoin can be an international currency.

That’s true! It would not have been reached this level because of being centralized. Governments are all the time looking for their profits in latest technologies.

Centralized bitcoin would have been limited to certain class and there had been cases of corruption in this currency as well. It is loved by people because everyone owns it. No one can stop others from using it or can claim it as his or her property.

earl07

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It would become completely different crypto currency,we all know that bitcoin decentralization is one of its nature that make it more useful for every individual.Sending money fast from one person to another anonymously without the use of banks and without the control of the government.Letting some third party to take over bitcoin will just cause hassle and it will also let the user of it to pay taxes.But i think this would not happen,bitcoin will always be decentralized.

Walastik

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Bitcoin is preferable if there are many who trust and own it. I'm not saying that many fear invest in bitcoin. The first decentralized currency is soon to implement a contentious upgrade which fundamentally changes its direction from bitcoin cash to a bitcoin settlement network.

rodel caling

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Quote from: jumpercrypto on September 20, 2017, 10:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

bitcoin being decentralized cryptocurry i think is hard to control using virtual digital currency, but not possible to control bitcoin in the near fututre because people continue to study how to increase the talent to the new technology advamce searching.

CryptGuardian

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Quote from: Crypto_Profits on September 20, 2017, 12:09:39 PM

it would defeat the purpose of bitcoin

What if the purpose of Bitcoin was all a hoax, a lie.
Just like Internet being 'Free' we now have the end of Net Neutrality

CryptGuardian

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Quote from: patrik1012 on September 20, 2017, 11:27:32 AM

The goal of BTC can't e attained if that's the case. It's
like a beautiful girl but you can't bang it.

Still many men spend their money on those girls thinking they could.
The only laughing is the girl that puts their money in her pockets.

ctszdj

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Single point of failure

ramzhies

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then its useless.. like the usual money

GoodLuck2

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Quote from: Asuspawer09 on January 01, 2018, 08:47:08 PM

Quote from: jumpercrypto on September 20, 2017, 10:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

I think even now it being centralized but not by a single person or any private holders. If this could happen, then there would be a massive change and a big impact to the whole economy of bitcoin. The value of it could have boundaries. They could imploy not to take a huge amount of it. But for somehow they could simply protect it and lengthen the possibility of losing bitcoin. Then, making bitcoi centralized could give a disadvantage and somehow advantage on it.

Everyone knows that bitcoin is decentralized and still it’s very going fast and now its unstoppable the way it’s going forward and going to achieve its goals and targets so it must be appreciated because bitcoin is the only currency which is decentralized but still it’s become very popular and strong in market and day by day countries are going to make it legal so if it became centralized so I think bitcoin can be an international currency.

deeofficialx

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Need me? PM me!

Then, it won't even reached a hundred dollar value, I guess. ^^

Viscera

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There will be a regulations and policies and governments will control bitcoin transactions. they will put taxes and big fees in any exchanges. GOod thing bitcoin is decentralized

Rony24h7

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This is not a very simple task anyway. If it begins there will be occurred a big change at cryptocurrency though it is almost impossible.
why are people using bitcoin? By using bitcoin they don't need to pay the taxes to the government but they have to pay the taxes of their incoming amount if bitcoin centralized.

If it centralized then we have to submit our full information to the government but though we can invest the amount into bitcoin with hiding our biological information. Bitcoin will lose that's position because people will leave from here and will choose another system like PayPal or anything but it is so much impossible.

Emitdama

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Quote from: BlackRacerX on December 18, 2017, 03:37:49 AM

Quote from: jumpercrypto on September 20, 2017, 10:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

Then bitcoins would be controlled. The prices of each bitcoin won't reach economical heights and won't be as profitable as compared to today's profits from bitcoins. However, bitcoin prices will be made more stable by anyone controlling it. The rate of how much bitcoins go out will be very skimp and bitcoins coming in will be controlled as well.

Control on bitcoin is just imaginary because it is impossible to be controlled by someone and this feature of bitcoin is extremely attractive. We are free to enjoy bitcoin business without any restriction/hurdle by a single click on computer.

I think, suppose, if it came into control and policies draw for bitcoin in light of economic rules and regulations, then most probably shut downing of bitcoin will become start and people will withdraw all of their amount from bitcoin business but nothing of the kind is going to happen because bitcoin would be forever decentralized digital currency across the world.

zeaderza

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Quote from: ellabanana on December 25, 2017, 09:04:14 AM

One unique characteristic of Bitcoin is that it is decentralized. So, if time comes and someone will be controlling it, then it will lose its purpose. It will end up being the same with our current currency.

Decentralization is one of the fundamental unique features of bitcoin. No bitcoiners can even wild dreams think of bitcoin being controlled by someone or some community. Bitcoin is a public currency and public should control it. Decentralized nature has given people a big relief and has developed their trust into bitcoin. As you said, centralization will decrease the popularity of bitcoin significantly.

Xanxus024

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Well if bitcoin has centralized system I think it will not supported by people and the value of bitcoin is not the same as now so its not profitable anymore no one can get benefit and probably the one who can get benefit is the one who control bitcoin. It will also lead to corruption because there are always corrupt official in the government the fact that system become centralized I'm sure they put tax on it.

Asuspawer09

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Quote from: jumpercrypto on September 20, 2017, 10:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

I think even now it being centralized but not by a single person or any private holders. If this could happen, then there would be a massive change and a big impact to the whole economy of bitcoin. The value of it could have boundaries. They could imploy not to take a huge amount of it. But for somehow they could simply protect it and lengthen the possibility of losing bitcoin. Then, making bitcoi centralized could give a disadvantage and somehow advantage on it.

ufaiz50

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Quote from: jumpercrypto on September 20, 2017, 10:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

I think bitcoin prices will not be this high right now, most users like decentralized bitcoins and that's what keeps the bitcoin demand going up every year. If bitcoin is controlled by either a person or a government, bitcoin will become stable and only draw on the peer-to-peer sophistication is not even different from the bank.

zemb

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It seems to be impossible but if Bitcoin would have been centralized there must have been some regulations imposed on its use.All the transactions would have been under the supervision of the government. No more anonymity would have been there in the transactions.

carodupuis

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Quote from: thenameisjay on December 19, 2017, 10:37:46 AM

Quote from: jumpercrypto on September 20, 2017, 10:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

Supply and demand is controlled. Just like capitalism. Everything is controlled for the sake of profiteering. Bitcoins will now taxed the same way as money. The one who is in control of bitcoins will regulate everything from the very bitcoin we receive and give to other people.

If bitcoin became centralized it will be just like state currency. State will regulate it. Can be collect taxes from that bitcoin. I think if bitcoin became centralized its economy will be crashed. No one can use it. It will be not more profitable because of its huge paying taxes and other a lot reason. It will effect bitcoin economy more. It will simply crashed the bitcoin economy unstable it. Bitcoin will be fall soon if it became centralized.

regnidorhcs

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Quote from: jumpercrypto on September 20, 2017, 10:44:22 AM

what do you think would happen to bitcoin economy if someone would actually take in control of it?

I think there would be less users and it will not be patronized that much if ever the owner or the handler is corrupt and it will cause trouble for sure knowing that most of the investors want fair profits. Time will surely come if ever bitcoin is centralized where every transactions made is taxed and exchange fees will surely be higher because they would take the opportunity to earn more through bitcoin.

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